Permian Resources Co. (NASDAQ:PR) Receives $19.31 Consensus Price Target from Analysts

Permian Resources Co. (NASDAQ:PR) has been assigned a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $19.31.

A number of analysts recently issued reports on PR shares. Wells Fargo & Company lifted their price objective on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Susquehanna increased their target price on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Piper Sandler raised their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Stifel Nicolaus boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Mizuho lifted their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th.

Permian Resources Trading Up 1.7 %

Shares of NASDAQ:PR opened at $16.72 on Friday. The stock has a market capitalization of $12.91 billion, a price-to-earnings ratio of 14.41 and a beta of 4.32. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28. The company has a 50 day moving average price of $16.83 and a 200 day moving average price of $14.75. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, research analysts anticipate that Permian Resources will post 1.66 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.20%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is presently 17.24%.

Insider Activity at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently added to or reduced their stakes in PR. Tower Research Capital LLC TRC boosted its holdings in Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after buying an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC lifted its holdings in shares of Permian Resources by 35.6% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after acquiring an additional 131,500 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Permian Resources by 110.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company’s stock worth $1,565,000 after purchasing an additional 60,474 shares in the last quarter. Comerica Bank grew its position in Permian Resources by 110,645.5% in the 3rd quarter. Comerica Bank now owns 946,874 shares of the company’s stock valued at $13,218,000 after acquiring an additional 946,019 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Permian Resources by 7.2% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock valued at $42,584,000 after purchasing an additional 210,870 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.